ANZ to sell off $8.3bn lending business

By Staff reporter

06 May 2015

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ANZ has decided to sell its motor dealer finance group so it can focus on its own branded products.

The sale of Esanda Dealer Finance will include approximately $8.3 billion in lending assets comprising point-of-sale finance, bailment facilities and other Esanda-branded finance offered to motor vehicle dealers.

ANZ’s chief for Australia, Mark Whelan, said the sale of Esanda was part of the bank’s broader priority “to actively manage our portfolio of businesses to ensure we use capital efficiently, as well as a focus on ANZ-branded products”.

The bank said it remains committed to providing asset finance for its consumers under the ANZ brand, and the sale does not include its commercial broker, commercial asset finance or direct-to-consumer asset finance businesses.